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Caledonia Inv PLC (CLDN)

  Print      Mail a friend       Annual reports

Thursday 23 November, 2000

Caledonia Inv PLC

Interim Results

Caledonia Investments PLC
23 November 2000

                 'Continuing to build shareholder value'

Caledonia  Investments  plc, the diversified  trading  and  investment
company, today announces its interim results for the six months  ended
30 September 2000. The salient features are:

Key Financial Results

                                   6 mths     6 mths        Year
                                   30 Sep     30 Sep      31 Mar
                                     2000       1999        2000
                                       £m         £m          £m
Total operating profit               25.7       23.5        45.2
Profit before taxation               27.9       31.3        51.8
Shareholders  funds                 837.6      801.8      764.3*
Basic  earnings  per  ordinary 
share                               24.0p      28.9p       46.1p
Adjusted  basic  earnings  per      
ordinary share                      24.3p      18.2p       37.0p
Dividends per ordinary 
share                  - Annual      7.8p       7.5p       23.0p
                       - Special        -          -       70.0p
Net  asset value per  ordinary      
share                               1055p       961p       960p*
Adjusted  net asset value  per      
ordinary share                      1314p      1068p      1189p*

*  After  provision  for the special dividend of 70 pence  per  ordinary share

*  Adjusted basic earnings per ordinary share rose 33.5% from  18.2
   pence to 24.3 pence.
*  Total operating profit increased by 9.4% from £23.5m to £25.7m.

*  Interim dividend up 4.0% from 7.5 pence to 7.8 pence per ordinary share.

*  £59m spent on new and follow-up investments.

*  Since 31 March 2000, net asset value per ordinary share has risen
   almost  10%  to 1055 pence and 10.5% to 1314 pence when adjusted  to
   reflect the market value of the group's quoted associate companies.

Business Highlights

Profits and earnings
The  profit  before taxation of £27.9m includes a further profit  from
the  sale  of development land of £4.1m and a £2.5m uplift  in  income
from investments partly offset by lower interest receivable and higher
overheads.   Share  of  profits  from  associates  was  boosted  by  a
substantial  £5.9m increase in the contribution from  Close  Brothers.
The comparative profit before taxation of £31.3m included a profit  of
£8.5m of the dilution of our stake in Close Brothers, whereas, for the
period  under  review,  a  £4.0m profit from  the  disposal  of  a  US
associate of Amber was largely offset by a provision against a loan.

Adjusted  earnings  per share rose by 33.5% from 18.2  pence  to  24.3

Notwithstanding the substantial special dividend of 70 pence per share
paid in respect of last year, Caledonia continues to follow the aim of
steadily  increasing  dividends and the  directors  have  declared  an
increased  interim dividend of 7.8 pence per share in respect  of  the
year ending 31 March 2001 (2000 - 7.5 pence).

Close Brothers
Close Brothers achieved its 25th year of successive profit growth with
an  85%  improvement  in  earnings per share and  a  56%  increase  in
dividends.  The continuity of sound management throughout this  period
has  been a key factor in this success.  A period of quite exceptional
stock  market  activity  added super-profits to  an  otherwise  strong
result  from  Winterflood Securities.  Good progress from  many  other
aspects   of  the  group  together  with  the  benefits  from   recent
acquisitions combined to produce a substantial uplift of £5.9m in  the
Close Brothers contribution for Caledonia.

Investment activity
During the six months under review, some £59m has been deployed in new
and  follow-on  investments, particularly in  the  technology  sector.
Foremost  in  this category was the £20m investment  in  the  Amerindo
Internet Fund referred to in last year's annual report which has  made
a good start since inception.

Caledonia  was  also pleased to become involved as  the  institutional
partner  in  Brian Ashford-Russell's start-up fund management  venture
specialising in the technology sector.

Commenting on the results and outlook, Peter Buckley said:

  'We  are  delighted  to report a 33.5% increase in adjusted earnings
  per  share  and a 10.5% uplift in the adjusted net asset  value  per
  share  for the period under review.  We also realised a £58m capital
  gain on our Robert Fleming and Newscom holdings.  With £59m spent on
  new  investments and £55m distributed by way of special dividend our
  aggregate  cash resources have reduced to £29m but we have liquidity
  available and ample scope to borrow.
  'Our  willingness to back sound management and to take a longer term
  view   continues   to  provide  us  with  a  flow   of   interesting
  opportunities   in   this   increasingly   volatile   world.     Our
  determination   to   pursue   this   investment   strategy   remains


Caledonia Investments plc:                         020 7481 4343
Peter Buckley, Chairman and Chief Executive

Citigate Dewe Rogerson:                            020 7638 9571
Bill Trelawny / Charles Vivian


Caledonia's  interests  in  this  sector  have  all  made  significant
progress during the period under review.

Close Brothers Group (19% associate)
Close  Brothers  Group announced its 25th successive  year  of  profit
growth  with  an  85%  improvement in earnings per  share  and  a  56%
increase  in dividends. This outstanding result included a  period  of
quite  exceptional activity on the stock market between November  1999
and  March  2000 which, in addition to the otherwise strong growth  in
the  profits of Winterflood, produced an element of super-profit which
may not recur. However, good progress was made with many other aspects
of  the business following the acquisitions made in the late summer of
1999  and  other  start up initiatives. 25 years  of  compound  annual
profits  growth in excess of 25% under the same management  leadership
is a remarkable testament to its skills.

Rathbone Brothers (12% investment)
Rathbone Brothers announced continuing good results for its first  six
months  trading to 30 June. Earnings per share and dividends  were  up
20%  and  25%  respectively and the management are encouraged  by  the
recent  recruitment of business producers who have yet  to  contribute

Friends Ivory & Sime (8% investment)
Friends  Ivory & Sime recently announced an increase in  earnings  per
share  and dividend of 22% and 14% respectively at the interim  stage.
Funds  under management now total £38 billion and further progress  is

As  recently announced, Caledonia is pleased to have reached agreement
in  principle  to  become  a  20%  shareholder  in  a  new  investment
management company specialising in the technology sector to be  headed
by Brian Ashford-Russell and his two colleagues.

Amber Industrial Holdings (100% subsidiary)
Amber  Industrial Holdings reported a shortfall in its traditional  UK
industrial  consumables division compared with  last  year,  partially
offset  by  continuing growth in the group's US silicone business.  In
the first half, the sale of American Silicones Inc, in which Amber had
a  49%  interest, and which no longer fitted with Amber's strategy  in
the  silicones sector, yielded a profit of almost £4m from an original
outlay of £0.2m.

Edinburgh Crystal (89% subsidiary)
Edinburgh  Crystal's trading results slipped during  the  period.  The
marketplace remains challenging and the company has recently announced
a downsizing of its hot end production facility, together with further
capital  expenditure  to upgrade its cutting process.  These  measures
should  result  in improved competitiveness in the overall  production

Sterling Industries (100% subsidiary)
Sterling  Industries has had a disappointing first half.  Trading  for
the hydraulic valves division has remained competitive and the thermal
process division's results have fallen short of expectations and  have
suffered  from  a difficult contract in the Far East. The  second  six
months  should show recovery towards the profit levels of the previous
year but this still calls for improvement.

AHL Services (11% investment)
AHL  Services  reported  an 18% increase in  revenues  for  the  three
quarters  to 30 September at $683m. Cumulative earnings for  the  same
period  have  suffered from a one-off trading provision  and  currency
movements.  Third quarter earnings were in line with  expectations  as
the  company  focuses  on  profitable  growth  businesses,  which  has
resulted in a recent strengthening of the share price.

Wallem (74% investment)
Wallem has continued its recovery and its results for the current year
are expected to be buoyant.

Offshore Logistics (6% investment)
Offshore Logistics, which incorporates Caledonia's interest in Bristow
Helicopters, has benefited from the improvement in the oil price which
has  at  last  flowed  through  to improved  demand  for  the  service
providers.  This,  coupled with management action in  reducing  costs,
provides  a  brighter  outlook for the worldwide activities  of  these

English & Scottish Investors (31% associate)
English   &   Scottish  Investors  continued  its  record  of   better
performance for its interim six months to 31 July and the discount  of
the  share  price to underlying net asset value has shown an improving
trend.  A  continuation of the share buy back programme has  increased
Caledonia's shareholding from 30% to just over 31%.

British Empire Securities and General Trust (18% associate)
British  Empire  Securities and General Trust has  recently  announced
excellent  results for its year to 30 September. Net asset value  rose
27%,  well  ahead of its comparator indices, and its share  price  has
recorded  a 90%  increase  over  its  past  two  financial  years. Its 
manager's investment  style  of  seeking  growth  assets at a discount 
seems particularly  appropriate  at this time when there  are  quality  
asset situations which are unloved by the markets.

Amerindo Internet Fund (5% investment)
Amerindo  Internet  Fund was launched as a £400m investment  trust  in
early April. Caledonia, in line with its strategy of participating  in
the  technology  sector on a collective basis, took a 5%  shareholding
and  has  board representation. Although market conditions in  the  US
technology  sector  have been  turbulent, Amerindo's  well-experienced
managers  view  the  present  time as  an  opportunity  to  accumulate
holdings in the foremost companies in this sector.

Caledonia  also  includes  a number of smaller  investments  in  other
collective technology funds under this heading.

The Sloane Club (100% subsidiary)
The Sloane Club continues an improving trend.

Radio Investments (49% associate)
Radio  Investments has seen the values of radio properties  continuing
to  soar  during  the  period under review, with the  big  UK  players
seeking  to  position themselves advantageously ahead  of  anticipated
regulatory  changes. Caledonia expects this situation to continue  and
Radio  Investments can be expected to benefit from further development
and consolidation within the sector.

Sun International Hotels (21% investment)
Sun  International Hotels completed its tender offer to buy in 15%  of
its   outstanding   shares  after  the  offer  by  Sun   International
Investments  Ltd  had failed to receive the necessary endorsements  to
purchase all of the 45% minority not owned. Trading on Paradise Island
continued  to improve and sales of house plots round the re-landscaped
golf  course have gone well. The Mohegan Sun operations in Connecticut
continued to flourish but the revenue sharing participation negotiated
in  lieu  of  the  management contract made a  lower  contribution  as
expected.  This  should improve appreciably when the  Mohegan  Tribe's
near $1 billion expansion begins to come on stream late next year  and
in  early 2002. Atlantic City showed improved results but the  outlook
remains  challenging  and agreement has been  reached,  subject  to  a
number  of  conditions, to sell the property. The Mauritius and  Dubai
operations continue to perform well.


St  Lawrence Properties successfully realised the remaining 3 acres of
its  development  land in Oxford, referred to  in last  year's  annual
report, at a profit of £4.1m.

Quintain Estates (7% investment)
Quintain  Estates  has continued to build value for shareholders  with
growth  of 16% in net asset value per share for its year to  31  March

At   present,  Caledonia  includes  a  number  of  direct   technology
investments  under this heading although, as explained,  it  has  made
most of its commitment to this sector through collective funds and has
continued to make additions via unlisted collective funds.


                             Attributable      Book     Valuation
                                  profits     value         
                                       £m        £m            £m
Financial                            17.3     211.6         439.6
Industrial and services               2.2     114.9         118.0
Investment funds                      2.9     272.8         248.5
Leisure and media                     0.5     112.7         110.8
Property and general                  6.7     129.4         130.3
Cash and deposits*                    2.6      13.5          13.5
                                     32.2     854.9       1,060.7
Other items                          (6.5)                
Unallocated net liabilities                   (17.3)        (17.3)
                                     25.7     837.6       1,043.4

* Excludes net cash held in subsidiaries of £15.1m.

The  table  above presents a summary of the results of  the  group  by
class  of  business. Attributable profits  are the  group's  share  of
operating  profit  of subsidiaries and associates  and  dividends  and
interest  receivable from investments. The book value is  the  group's
share   of  net  assets  of  subsidiaries  and  associates,  including
capitalised  goodwill, and a valuation of investments.  The  valuation
column  overlays  the  book  value with the  market  value  of  listed
associates, whilst subsidiaries are shown at book value throughout.

If  the group had realised its investments at 30 September 2000 at the
stated  valuation, it is calculated that tax of some £99m  would  have


                                6 mths     6 mths      Year
                                30 Sep     30 Sep    31 Mar
                                  2000       1999      2000
                                    £m         £m        £m
Group turnover                    68.1       42.3      90.2
Trading profit                     6.7        6.9      12.2
Income from investments            6.4        3.9       7.7
Interest receivable                2.3        2.6       4.6
Amounts written off current       
assets                            (3.8)         -         -
Other income                       0.3        0.4       0.7
Group overheads                   (3.6)      (2.7)     (6.2)
Group operating profit             8.3       11.1      19.0
Share of operating profit of  
associates                        17.5       12.5      26.4
Amortisation of goodwill on                       
acquisition of associates         (0.1)      (0.1)     (0.2)
Total operating profit            25.7       23.5      45.2
Profit on sale of operations       4.0        9.3       9.8
Interest payable                  (1.8)      (1.5)     (3.2)
Profit on ordinary                                
activities before taxation        27.9       31.3      51.8
Tax on profit on ordinary         
activities                        (8.4)      (6.6)    (13.2)
Profit on ordinary                                
activities after taxation         19.5       24.7      38.6
Minority interests (equity)       (0.6)      (0.8)     (0.9)
Profit for the financial period   18.9       23.9      37.7
Dividends                         (6.1)      (6.2)    (73.7)
Profit retained for the       
financial period                  12.8       17.7     (36.0)
Earnings per ordinary share                       
   Basic                         24.0p      28.9p     46.1p
   Diluted                       23.9p      28.8p     46.0p
   Adjusted basic                24.3p      18.2p     37.0p
Dividends per ordinary share                      
   Annual                         7.8p       7.5p     23.0p
   Special                           -          -     70.0p



                                6 mths     6 mths      Year
                                30 Sep     30 Sep    31 Mar
                                  2000       1999      2000
                                    £m         £m        £m
Profit for the financial period   18.9       23.9      37.7
Realised gains and losses on                      
sale of investments               58.2        5.3      23.1
Provision against investments     (1.5)       1.1      (5.0)
Movement in revaluation           
reserve                           (1.7)     (27.4)    (15.8)
Tax on sale of investments       (12.3)      (1.5)     (3.3)
Exchange differences               9.9       (3.4)      0.6
Share of reserve movements                        
of associates
   Realised gains and losses                      
   on sale of investments         11.4        7.7      15.5
   Movement in revaluation    
   reserve                        (1.7)       5.6      16.1
   Tax on sale of investments        -          -      (0.1)
   Exchange differences           (0.1)      (0.2)      0.1
   Other movements                   -          -       0.6
Total recognised gains and    
losses                            81.1       11.1      69.5


                                6 mths     6 mths      Year
                                30 Sep     30 Sep    31 Mar
                                  2000       1999      2000
                                    £m         £m        £m
Total recognised gains and    
losses                            81.1       11.1      69.5
Dividends                         (6.1)      (6.2)    (73.7)
                                  75.0        4.9      (4.2)
Issue of shares                      -          -      39.2
Purchase of own shares            (1.6)         -      (9.6)
Reclassification of share capital    -          -     (56.7)
Goodwill on disposals         
written back                         -        3.6       3.8
Share of goodwill movements                       
of associates                     (0.1)         -      (1.5)
Net movement in shareholders'
funds                             73.3        8.5     (29.0)
Opening balance of            
shareholders' funds              764.3      793.3     793.3
Closing balance of            
shareholders' funds              837.6      801.8     764.3


                                30 Sep     30 Sep    31 Mar
                                  2000       1999      2000
                                    £m         £m        £m
Fixed assets                                               
Intangible assets                 11.5        7.2      11.1
Tangible assets                   48.0       38.7      48.6
   Investment in associates      279.9      257.4     256.6
   Other investments             494.9      397.4     425.0
                                 834.3      700.7     741.3
Current assets                                    
Stocks                            17.7       12.3      18.2
Debtors                           39.7       31.4      47.5
Short term deposits               23.8      117.1     108.5
Cash at bank and in hand          18.5       18.5      16.0
                                  99.7      179.3     190.2
Creditors falling due within                      
one year
Short term borrowings            (13.0)      (9.6)    (13.7)
Other creditors                  (37.6)     (33.0)   (117.6)
                                 (50.6)     (42.6)   (131.3)
Net current assets                49.1      136.7      58.9
Total assets less current        
liabilities                      883.4      837.4     800.2
Creditors falling due after                       
more than one year
Long term borrowings              (6.1)      (0.6)     (5.6)
Other creditors                   (1.5)      (3.9)        -
                                  (7.6)      (4.5)     (5.6)
Provision for liabilities                         
and charges
Deferred taxation                (36.4)     (29.4)    (28.4)
                                 839.4      803.5     766.2
Minority interests (equity)       (1.8)      (1.7)     (1.9)
                                 837.6      801.8     764.3
Capital and reserves                              
Called up share capital            4.4        4.2       4.4
Share premium account              1.3        1.3       1.3
Capital redemption reserve         0.8        0.7       0.8
Revaluation reserve              189.0      181.9     191.2
Profit and loss account          642.1      613.7     566.6
Shareholders  funds (equity)     837.6      801.8     764.3

Net asset value per ordinary       
share                            1055p       961p      960p


                                6 mths     6 mths      Year
                                30 Sep     30 Sep    31 Mar
                                  2000       1999      2000
                                    £m         £m        £m
Net cash inflow from          
operating activities              17.4        4.7      15.4
Dividends from associates          2.4        3.4       8.2
Servicing of finance                              
Interest paid                     (0.2)         -         -
Dividends paid to minority    
shareholders                      (0.7)         -         -
                                  (0.9)         -         -
Taxation                          (2.9)      (5.6)    (20.3)
Capital expenditure and                           
financial investment
Purchase of intangible fixed         
assets                               -          -      (0.1)
Purchase of tangible fixed assets (1.3)      (0.8)     (2.8)
Sale of tangible fixed assets      0.1        0.3       0.3
Purchase of investments          (52.8)     (30.7)    (50.5)
Sale of investments               31.1       17.4      58.3
Repayment of loan to associates    0.1          -         -
                                 (22.8)     (13.8)      5.2
Acquisitions and disposals                        
Purchase of operations            (0.5)      (1.4)    (17.5)
Net cash acquired with operations    -          -      12.3
Dividends paid to subsidiary's 
former shareholders                  -          -     (10.6)
Investment in associates          (6.0)      (3.0)     (7.8)
Sale of operations                   -       (0.7)     (0.8)
Sale of interests in associates    0.2          -         -
                                  (6.3)      (5.1)    (24.4)
                                 (13.1)     (16.4)    (15.9)
Equity dividends paid            (67.5)     (12.4)    (18.6)
Management of liquid resources    84.9       30.7      39.7
Financing                         (1.1)      (0.1)    (10.1)
Increase in cash in the period     3.2        1.8      (4.9)


                                6 mths     6 mths      Year
                                30 Sep     30 Sep    31 Mar
                                  2000       1999      2000
                                    £m         £m        £m
Group operating profit             8.3       11.1      19.0
Depreciation and amortisation      2.8        1.6       3.6
Provision against own shares       0.1          -         -
Profit on sale of fixed assets       -       (0.1)     (0.1)
Investment income and                             
interest accruals increase        (1.6)       1.2       2.8
Stocks decrease                    0.8       (0.3)      0.6
Debtors decrease                   8.9      (14.2)    (14.7)
Creditors decrease                (1.9)       5.4       4.2
                                  17.4        4.7      15.4


The  amounts written off current assets of £3.8m related to the  write
off of a loan.

Taxation charged to the profit and loss account included £5.3m (1999 -
£3.6m) in respect of associated companies.

The  interim dividend of 7.8 pence per ordinary share will be  payable
on 11 January 2001 to shareholders registered on 8 December 2000.

The  calculation of basic earnings per ordinary share was based on the
78,901,000  (1999  - 82,804,000) weighted average number  of  ordinary
shares in issue during the period. Diluted earnings per ordinary share
took  into  account  the  88,000 (1999 - 101,000)  dilutive  potential
ordinary shares from employee share option schemes.

Adjusted basic earnings per ordinary share, before the loan write  off
noted  above, sale of operations, amortisation of goodwill  and  other
items,  is  considered  to  provide a more  consistent  indication  of
underlying operating performance.


                          31 Mar     Exchange                 30 Sep
                            2000  differences   Cash flow       2000
                              £m           £m          £m         £m
Cash at bank and in hand    16.0            -         2.5       18.5
Bank overdrafts            (13.5)           -         0.7      (12.8)
                             2.5            -         3.2        5.7
Short term deposits        108.5          0.2       (84.9)      23.8
Debt due within one year    (0.2)           -           -       (0.2)
Debt due after more     
than one year               (5.6)           -        (0.5)      (6.1)
                           105.2          0.2       (82.2)      23.2

The  interim  report has been prepared on the basis of the  accounting
policies set out in the 2000 group accounts and is unaudited.

The  interim report was approved by the board on 23 November 2000. The
results  for  the  year  ended  31 March 2000  do  not  constitute the 
company's  statutory accounts. The statutory accounts for that period,  
which received  an  unqualified  audit report,  have  been  filed with  
the Registrar of Companies.

Copies  of  this statement are available at  the company's  registered
office, Cayzer House, 1 Thomas More Street, London E1W 1YB.


a d v e r t i s e m e n t